Revolving credit grew at an annual rate of 6.8% during April compared to 5.4% last April according to preliminary figures released this week by the Federal Reserve. However overall consumer credit slipped from 4.3% for April 1998 to 3.4% for April 1999. Revolving credit, mostly credit card debt, increased more than $3 billion during April. Since the first of this year revolving credit has grown about $10 billion, according to the FRB. At the end of April, American consumers were $1.335 trillion in debt, exclusive of home mortgages.
REVOLVING CREDIT HISTORICAL Apr99 Mar99 Feb99 Jan99 %GRWTH: 6.8% -1.0 3.4 11.6 $OWED: $ 570.3 567.1 567.5 565.9 $ - billions
Source: Federal Reserve; revised figures as of 06/07/99; For complete historical data visit www.carddata.com.